Tuesday, May 17, 2011

The Road to Recoverying your Credit

Once a debt is discharged by the court a creditor no longer has the right to collection efforts. However, unscrupulous creditors such as collection agencies and debt buyers will continue to pursue collection efforts. Debt buyers will often base their business models around the collection of debts that can no longer be collected legally, such as those that have been discharged in bankruptcy. Additionally, we see where creditors will continue to report debts as still owed, in violation of the Fair Credit Reporting Act.

The perpetual entrapment of people in a virtual debtor’s prison is unconscionable.   Check your credit report 3 months after bankruptcy, file with the bureaus to correct wrong information, 3  months latter pull your credit again and make sure the file is correctly updated, do this again 3 months later then once a year.